Exclusive: Iraq oil output further plunges as storage fills, Hormuz exports blocked by conflict

Iraqi oil production has slumped amid the Iran war, with storage tanks reported at high and critical levels and the country unable to export crude via the Strait of Hormuz, according to three Iraqi energy officials. This poses a material supply disruption risk that could tighten global crude flows, elevate oil prices and increase volatility for energy markets and related equities in the near term.

Analysis

Iraqi oil production has slumped amid the Iran war, with storage tanks reported at high and critical levels and the country unable to export crude via the Strait of Hormuz, according to three Iraqi energy officials. This poses a material supply disruption risk that could tighten global crude flows, elevate oil prices and increase volatility for energy markets and related equities in the near term.